Under questioning from the Greens Spokesperson for Finance, Senator Peter Whish-Wilson, the Treasury Secretary John Fraser said that, for Sydney and parts of Melbourne, the housing market was ‘unequivocally’ a bubble.

When Senator Whish-Wilson later questioned the Reserve Bank, Assistant Governor Malcolm Edey added that “…a lot of people do think it’s a bubble – serious people think that – and we agree that this is a situation where the market is strong, it’s overheated, it’s a risky situation…”

Additional Estimates - Friday 17 February 2012 - Economics Committee - Treasury Secretary 

Economics Committee Thursday 2 June 2011

Senator LUDLAM: I want to ask-I do not know whether it has been canvassed very much this morning-about the tax forum coming up in October. If that has not been addressed-

Senator Wong: No, it has not while I have been here. But it might have been done in revenue, when I was not here.

Dr Parkinson: That would have been the revenue group last night.

Senator Wong: I am sure that the secretary can assist as much as he can.